Gasoline

Gasoline Falls to $3.05 Per Gallon

October 28, 2014
• by Staff

Photo via Wikipedia.

The average price of a gallon of unleaded gasoline has fallen 6.4 cents to $3.056 per gallon for the week ending Oct. 27, according to federal data.

The average price remains at a four-year low. Gasoline now costs 23.8 cents lower than it did a year ago, according to the U.S. Energy Information Administration. The price again fell in all nine regions tracked by the agency. The sharpest decline came on the West Coast where it fell 10 cents to $3.324. The price has fallen below $3 per gallon in the Lower Atlantic ($2.947) and Gulf Coast ($2.83) regions.

The price of gasoline now costs at least $3.50 in only Hawaii ($4.054) and Alaska ($3.768). It has fallen below $3 per gallon in 17 states and has the lowest average price in South Carolina at $2.785, according to the AAA's Daily Fuel Gauge Report.

Meanwhile, the average price of diesel fell 2.1 cents to $3.635 per gallon. Diesel now costs 23.5 cents lower than it did a year ago.

The average fuel economy of new vehicles sold in the U.S. in December fell to 25 mpg — down 0.2 mpg from a revised November value, according to Brandon Schoettle and Michael Sivak, researchers from the University of Michigan's Transportation Research Institute (UMTRI).

The national average price of unleaded gasoline jumped 5 cents to $2.49 per gallon in the first week of 2018 and has reached a level not seen since 2014 during the week that starts the new year, according to AAA.

China is setting a deadline for automakers to end the sale of fossil-fuel powered vehicles as the country looks to reduce oil consumption and pollution and push for the development of electric vehicles. Regulators are working on a timetable for the ban.

The average national price of gasoline remained at $2.29 per gallon for the week ending March 27 amid discussion by the Organization of the Petroleum Exporting Countries (OPEC) to extend a production cut by another six months.